years of britain’s companies...the league table of britain’s fastest-growing private technology...
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Main sponsorsTitle sponsor
TWENTIETH YEARTWENTIETH YEAR
20YEARS OF BRITAIN’SFASTEST-GROWING
PRIVATE TECHNOLOGYCOMPANIES
Research report 2020Covid-19 editionBritain's fastest-growing private technology companies
© 2020 Tech Track 100 fasttrack.co.uk
Tech Track 100 research report 2020 i
CONTENTS
INTRODUCTION 1The Top 10 companies on the league table
EXECUTIVE SUMMARY 2 COVID-19 3 Economic effects – positive and negative Supporting the NHS
KEY STATISTICS 4Sales breakdown Staff & job creation Foundation dateValuation 5 Profitability Biggest operating profits & proft marginsBiggest losses Ownership 6External capital Industry breakdown 7Regional breakdown 8Sustained growth
KEY THEMES & SELECTED COMPANY PROFILES 9 COVID-19 RELATED THEMES Data analytics Developing a vaccine 10 Enabling remote working 11 Online marketplaces 12 Gaming and entertainment 13 OTHER KEY THEMES 14 Growth capital fundraising Serial entrepreneurs 15 Women in tech 16 BAME entrepreneurs 17
TWENTY YEARS OF TECH TRACK 100 18 Key changes Sustained growth companies 19 Failures TECH TRACK 100 ALUMNI 20 Stock market flotations Mergers & acquisitions 21 Companies that have remained private 22 2020 TECH TRACK 100 LEAGUE TABLE 23
10 TECH TRACK ONES TO WATCH 27
10 GREEN TECH TO WATCH 28
METHODOLOGY 29
MEDIA PARTNER & SPONSORS 30
ABOUT FAST TRACK 32 CONTACT DETAILS 33
© 2020 Tech Track 100 fasttrack.co.uk
Tech Track 100 research report 2020 1
The top company is Revolut, the London-based digital banking services provider co-founded by Nicolay Storonsky, 36
1[1]
Revolut Digital banking services provider East London Dec 19 309.89% 162,722 No 1,289 Launched in America the same day as the UK locked down
2 Football Index Football trading platform Central London Dec 19 306.02% *45,120 Yes 64 Paid out double cash dividends to its traders
during lockdown
3 Tessian Email security provider Central London Mar 20 237.59% *8,982 No 165 Its platform has helped prevent and block opportunistic
"phishing" attacks seeking to exploit Covid-19
4[7]
Pollen Experience marketplace Central London Dec 19 232.62% *44,790 No 400 With restrictions on travel and events, it has boosted
sales by selling experiences for 2021
5 VoCoVoRetail communication provider Oxfordshire Dec 19 221.32% *13,034 Yes 40 Is offering discounts to the NHS on its PPE-compatible
headsets which help teams communicate
6 Bark.comProfessional services marketplace Central London Dec 19 182.78% *17,850 Yes 43 Its online platform is offering new services such as
Covid-19 deep cleaning and remote workout sessions
7 Elvie Female health technology developer Central London Dec 19 182.65% *19,839 No 81 Offered discounts to key workers and kept women
informed with health advice on Instagram
8 Whalar Marketing technology Central London Dec 19 181.41% *5,494 No 80 Says its 5,000 influencers have helped spread social
distancing guidance on social media
9 ElderElderly care platform Central London Mar 20 178.24% *5,000 No 87 Has grown by 22% over the pandemic, and says its
Covid-19 mortality rate is 83% lower than care homes
10[6]
LendableConsumer lending platform Central London Dec 19 165.52% *32,197 Yes 54 Recently launched its first credit card, with car finance
soon to follow
Rank2020
% annual sales
growthFYEHQ locationActivity[2019]Company
Latest sales
£000In
profit? Staff Comment
Top 10 Tech Track 100 companies
* Supplied by the company
INTRODUCTIONThis is the 20th anniversary of The Sunday Times Sage Tech Track 100, the league table of Britain’s fastest-growing private technology companies. Sage is the title sponsor of the league table and Barclays, BDO, BGF and N+1 Singer are main sponsors.
The Tech Track 100 ranks private technology, media and telecoms (TMT) companies based on their sales growth over their latest three years, and before Covid-19 struck. The company profiles highlight their response to the lockdown, with some announcing job cuts.
The 100 companies achieved, on average, sales growth of 94% a year over their last three years, to a total of £2.8bn in combined sales, up from £491m three years ago. Together they employed 21,500 staff, having added 16,000 jobs over the same three-year period, some as a result of acquisitions.
Revolut, the digital banking services provider, was No 1 last year and retains its top spot, the first company to do so in 20 years of the Tech Track 100. Valued at $5.5bn at its latest funding round in July, it grew revenues by 310% a year, from £2.4m in 2016 to £162.7m in 2019, when it made a loss of £107.4m
Since the first league table was published in 2001, the Tech Track 100 has become the definitive barometer of privately-owned technology companies in the UK. Past stars include Ocado, which first appeared in 2006 with sales of £143m, listed in 2010 at £940m and is now valued at £19bn; and Abcam, which first featured in 2003 with sales of £1.8m and is now worth £3bn after floating in 2005 (see pages 20-22 for more alumni success stories).
We also introduce our new 10 Green Tech to Watch, supported by our sponsor BGF, which identifies promising private companies that could play a significant role in the sustainable recovery of the economy (see page 28).
Tech Track 100 research report 2020
© 2020 Tech Track 100 fasttrack.co.uk
2
EXECUTIVE SUMMARY
Overview• This year's Tech Track 100 companies increased their sales
by an average of 94% a year over three years from combined sales of £491m to £2.8bn
• 39 companies made an operating profit (OP) in their latest year (2019/20), with an average profit margin of 19%. 14 had margins of more than 20%; and 61 made operating losses
• 46 of the companies on the league table are majority-owned by an entrepreneur and/or founders, while 48 are owned by private equity or venture capital firms and 4 by business angels
• There is a good spread of industries represented, with five having 10 or more companies. The most dominant is B2B software (24), followed by online consumer services (16) and health & medtech (12). Fintech, the most dominant industry in 2019 with 24 companies, is down to 11 companies this year
• The vast majority of companies on the league table are based in London (62) and the southeast (10). The northwest is home to 8 companies and the northeast to 7, compared with 7 for both regions last year
Key themes
Data analytics: technology developed by companies helped central and local government make critical decisions during the pandemic [page 9]
Developing a vaccine: six companies are directly involved in the fight against Covid-19 [page 10]
Enabling remote working: several companies helped get workplaces online, influencing changes to working patterns [page 11]
Online marketplaces: online retail made people’s lives easier during lockdown, with marketplace models proving particularly successful [page 12]
Gaming and entertainment: demand for video games and online entertainment rocketed during lockdown [page 13]
Growth capital fundraising: despite Covid-19, companies continued to attract investment [page 14]
Serial entrepreneurs: 35 companies are run by serial entrepreneurs [page 15]
Women in tech: nine firms are run or were founded by women, down one on last year's figure [page 16]
BAME entrepreneurs: in a year when diversity in the technology industry has come under scrutiny the seven BAME entrepreneurs helping lead this year's companies show there is still a long way to go [page 17]
175-200%
150-175%
100-125%
55-70%
85-100%
<55%
9
7
4
4
125-150%
70-85%
>200%
Growth in sales
Number of companies in each range of compound annual growth rate of sales over latest three years
94% pa
-£3.6m
London (62)
215
£4.9m
39
B2B software (24)
160
£27.9m
19%
73Private equity or venture
capital (48)79
Average growth over three years
Operating loss in 2019/20
Region
Typical number of staff in 2019/20
Sales in 2016/17
Number of profitable companies
Sector
Average increase in staff over three years
Sales in 2019/20
Margin (profitable companies only)
Founded since 2010Majority ownership
Angel, VC or corporate investment
Sales
Profits
Company characteristics
Staff
Characteristics of a typical Tech Track 100 company
21
12
18
20
5
Covid-19 related themes:
Other key themes:
© 2020 Tech Track 100 fasttrack.co.uk
Tech Track 100 research report 2020 3
COVID-19
The league table ranks private technology companies based on their sales growth before Covid-19 struck. Ninety five companies had financial years that ended by March 2020, with the other five ranked on financial years ending between April and July 2020.
Economic effects
Positive
While all the companies have been affected by the global economic lockdown, some have seen increased demand and are hiring more staff. They include tech-enabled food delivery companies, such as Gousto (No 41) and Mindful Chef (No 17); companies that enable remote working, such as SIPCOM (No 77) and TelcoSwitch (No 25); gaming companies, such as Hutch (No 48), and health & medtech, such as Oxford Nanopore Technologies (No 20) and EUSA Pharma (No 59). These opportunities for growth are explored in the key themes (see pages 9-13).
Fifty companies said they were able to increase their workforce since March 2020. Examples include language learning app Busuu (No 91), which added 20 staff as it saw 50,000 new users sign up daily during lockdown, and video games developer Firesprite (No 42), which is hiring recent graduates and experienced developers, and added 10 staff during lockdown.
Negative
Other companies linked to travel, events and hospitality have seen recent sales fall dramatically, and made redundancies and cut costs. Examples include experience marketplace Pollen (No 4), which has been hit hard by the effects on travel and events. It laid off 72 of its 400 staff. Payment services provider GoCardless (No 61) saw a 15% drop in processing volumes following lockdown, forcing it to restructure its marketing team and ask staff to take temporary salary reductions.
Supporting the NHSAlmost 20% of companies said they had helped the NHS in some way – from developing NHS specific data analytics tools, to offering free equipment and services to the NHS and its staff. These included medical devices developer Endomag (No 43), which provided free products worth £150k for the NHS to continue essential cancer during Covid-19, and used its 3D printing capabilities to help make face masks for the NHS; and online parking platform YourParkingSpace (No 86), which made free parking available to all NHS staff.
Survey results
Fast Track surveyed the Tech Track 100 companies to see the impact of Covid-19 on job creation
34%
66%
No
Yes
Have you increased your workforce since March 2020?*
16
31
11-50
1-10
If yes, by how many people?
Gousto (No 41) has seen increased demand for its tech-enabled food delivery service
>50 3
* 76 out of the 100 companies responded
Tech Track 100 research report 2020
© 2020 Tech Track 100 fasttrack.co.uk
4
KEY STATISTICS
Sales breakdownThe top ranked company, digital banking services provider Revolut, saw sales growth of 310% a year, from £2.4m in 2016 to £162.7m in 2019. The 100th ranked company is Isle of Man-based communications provider Plan.com, which was the No 1 company in 2018. Its sales grew 48% a year, from £17.6m in 2016 to £57.3m in 2019.
International payments provider TransferWise (No 64) has the highest turnover at £302.6m, followed by Revolut, and cyber-security developer Darktrace (No 58) at £158m. Elderly care platform Elder (No 9) reported the lowest sales at £5m.
There were 12 companies that reported sales in excess of £50m, compared to 18 last year. This drop is partly explained by a change in the Tech Track 100 criteria from the previous year, with companies no longer being able to feature using gross transaction value as sales (see page 29).
Staff & job creation• Companies employed 21,500 staff in 2019/20, which gives
average revenues per employee of £129,500
• Some 16,000 jobs had been added over the past three years; however, as a result of acquisitions, not all of these are new jobs, and some companies have reduced their headcount since the end of their latest financial year
• The biggest employers on the league table were TransferWise (No 64) with 2,200 staff, Babylon Health (No 13) with 1,800 staff, and Revolut (No 1) with 1,289 staff.
• Five companies employed fewer than 30 staff, including consumer insights platform Qmee (No 11), with 15 staff and sales of £7m in 2019, and Reverse Media Group (No 88), with 15 staff and £8.6m
Foundation date Tech Track 100 companies are typically young, with 97 founded after the turn of the century, and 72 founded since 2010.
19 companies were founded in 2012, including meal kit delivery service Gousto (No 41) and specialist insurance platform Bought By Many (No 30), and 15 were founded in 2014, including anti-money laundering software developer ComplyAdvantage (No 18) and online menswear supplier Spoke (No 26).
The No 1 company Revolut is one of the youngest on the table, founded in 2015.
33
Companies with the biggest sales
Rank CompanyActivity
2019/20 sales
64 TransferWise International payments provider £303m
1 Revolut Digital banking services provider £163m
1 Darktrace Cyber-security developer £158m
55 Checkout.com Payment services provider £115m
59 ExcelRedstone IT infrastructure provider £113m
5
29
<30
19
47
30-50
>100
51-100
Number of employees
Number of companies in each range
£51-100m
£21-50m
<£10m
£10-20m
34
35
19
6
>£100m
Sales breakdown
Number of companies in each range
6
© 2020 Tech Track 100 fasttrack.co.uk
Tech Track 100 research report 2020 5
Valuation
There are seven unicorns – companies with a valuation of $1bn or more. These include top company Revolut, which was valued at $5.5bn after securing $80m of funding in July; Checkout.com (No 55), also valued at $5.5bn when it raised $150m in June; and Oxford Nanopore Technologies (No 20), which was valued at £1.7bn ($2.2bn) when it raised £29.3m in new capital in January.
17 unicorns have featured in the last 20 years, including virtual reality technology developer Improbable and online takeaway platform Deliveroo, which both featured as Ones to Watch, in 2017 and 2015 respectively.
ProfitabilityTech Track 100 companies are not required to be in profit.
• 39 companies on this year’s league table reported an operating profit in their latest financial year, with 14 showing an OP margin of more than 20%. The combined profits of the companies were £201m in 2019/20
• 61 companies reported a loss to a combined total of £565m. Of these, 55 are backed by venture capital or private equity firms or business angels (see ‘Biggest losses’, below)
Biggest operating profits & margins
• The companies reporting the biggest operating profits are business finance provider OakNorth Bank (No 16) at £65.9m, followed by consumer lending platfrom Lendable (No 10) at £17.1m
• OakNorth Bank (No 16) had the biggest operating profit margin on the league table at 63%, followed by Lendable (No 10) at 53%
• The average margin among the 39 profitable companies was 19%
Biggest losses
41 companies reported operating losses of over £1m. Of these, 10 have published full accounts at Companies House, including:
• Digital banking services provider Revolut (No 1) reported an operating loss of £107.4m in 2019, as it expanded internationally and hired more than 1,600 employees
• Biopharmaceuticals developer Kymab (No 87) reported a loss of £44m, as it invested in £42.7m in research and development the same year
• Biopharmaceuticals developer EUSA Pharma (No 59) reported a loss of £17.6m. Selling, distribution and administrative cost as a percentage of turnover was 94%
Companies with the biggest operating profits
Rank CompanyActivity
Latest OP
Latest sales
Profit margin
16 OakNorth BankBusiness finance provider £65.9m £104.3m 63%
10 LendableConsumer lending platform £17.1m £32.2m 53%
2 Football IndexFootball trading platform £16.7m £45.1m 37%
60 ExcelRedstone IT infrastructure provider £10.7m £112.8m 9%
75 Godel Technologies Software developer £10m £35.6m 28%
Companies with the biggest profit margins
Rank CompanyActivity
Latest OP
Latest sales
Profit margin
16 OakNorth BankBusiness finance provider £65.9m £104.3m 63%
10 Lendable Consumer lending platform £17.1m £32.2m 53%
71 Exclaimer Email signature software developer £8.2m £17.5m 47%
73 Buddi Remote people monitoring £7.4m £16.3m 46%
42 Firesprite Video games developer £2.6m £6.2m 43%
Companies valued at more than $1bn
Rank CompanyActivity
Latest sales
Latest reported
valuation
1 RevolutDigital banking services provider £162.7m $5.5bn
55 Checkout.comPayment services provider £114.7m $5.5bn
64 TransferWiseInternational payments provider £302.6m $5bn
16 OakNorth Bank Business finance provider £104.3m $2.8bn
20 Oxford Nanopore Technologies DNA analysis technology £52.1m $2.2bn
13 Babylon Health Mobile healthcare app £14.8m $2bn
38 Darktrace Cybersecurity developer £158m $1.7bn
Tech Track 100 research report 2020
© 2020 Tech Track 100 fasttrack.co.uk
6
Ownership• 48 of the companies on the league table are majority-owned
by an entrepreneur and/or founders, such as VoCoVo (No 5), a retail communications provider which is owned by founder and technical director Rob Gamlin
• 46 are majority-owned by PE/VC firms, such as the No. 1 company Revolut, which has raised $917m from venture capital firms including DST Global and TSG Consumer Partners
• Two companies are majority-owned by management, including IT infrastructure provider ExcelRedstone (No 60), where chief executive Barry Horgan owns a significant stake
• Four are majority-owned by business angels, including software developer Godel Technologies (No 75), which is backed by Scott Fletcher, founder of IT business and Tech Track 100 alumnus ANS Group
External capital
79 companies have secured equity investment from venture capital/private equity firms, corporations, business angels and/or crowdfunding websites.
In addition to the 48 majority-owned by PE/VC:
• PE/VC houses hold a minority stake in 19 companies, including ecommerce returns technology provider Rebound Returns (No 24), which is backed by BGF
• 21 companies have raised money from business angels, including children's pre-paid card provider gohenry (No 76), which is backed by Dara Khosrowshahi, chief executive of Uber, and TripAdvisor founder Steve Kaufer
• Seven companies also have corporate backing, such as cross-border ecommerce solutions provider Global-e (No 47), which is backed by DHL
External capital investors
A total of 34 VC/PE firms have invested in two or more companies in the Tech Track 100. Of these, BGF has 10 investee companies, while Balderton Capital and Index Ventures each have five.
Godel Technologies (No 75), delivered 180 pieces of PPE to a school in Belarus, where it is has six locations. The company is majority-owned by Manchester-based business angel Scott Fletcher
67
Corporate investors 7
PE and/or VC
31Business angels
External investor breakdown
Note: Some companies have received backing from more than one type of investor
Venture capital firms with four or more investee companies in the Tech Track 100
Venture capital firm No Investee companies
BGF 10
AND Digital, Gousto, Moteefe, Fleetondemand, Paddle, Spoke, Rebound Returns, Triptease, Trouva, Waracle
Balderton Capital 5 Adludio, ComplyAdvantage, GoCardless, Revolut, Tessian
Index Ventures 5 ComplyAdvantage, Hutch, Revolut, TransferWise, Trouva
© 2020 Tech Track 100 fasttrack.co.uk
Tech Track 100 research report 2020 7
Industry breakdown
There is a good spread of industries represented, with five having 10 or more companies.
B2B software companies comprise the largest cohort on the league table (24 companies). These include businesses such as SmartSearch (No 99) and ComplyAdvantage (No 18), which both develop anti-money laundering software, and ContactEngine (No 92) and Faculty (No 33), which both develop AI software. Together, the 24 companies generate sales of £528m and employed 5,400 staff in their latest year.
A record 16 online consumer services companies feature on the league table. These include professional services marketplace Bark.com (No 6), and photography trading platform MPB (No 95), as well as language learning platform Busuu (No 91) and recipe box delivery service Mindful Chef (No 17).
There are 12 health & medtech companies in this years cohort, another record. Companies include medical device developer Spectrum Medical (No 63), whose perfusion systems have been used to treat critically ill Covid-19 patients, and mobile healthcare app Babylon Health (No X13, which now has 5m registered users.
Fintech, the most dominant sector last year with 24 companies, had only 11 companies this year. These include credit management app ClearScore (No 69) and payment services provider GoCardless (No 61), which both featured on last year’s league table.
Industry breakdown
B2B software
Online consumer services
Health & medtech
Fintech
Telecoms & tech infrastructure
High-tech manufacturing
Media & entertainment
Digital marketing & adtech
IT consultancy & integration
24
16
12
11
11
6
7
41 Other
8
Tech Track 100 research report 2020
© 2020 Tech Track 100 fasttrack.co.uk
8
Southwest
Scotland
Northwest
Northeast
East
Midlands
Southeast
London62
8
1
4
3
7
5
1
10
Regional breakdown of HQ in UK Regional breakdown
• The region with the highest number of companies is London, with 62 firms, such as digital services provider AND Digital (No 78), which helps clients such as British Airways, Diageo and the Co-op develop their in-house technology and teams, and Lending Works (No 52), a peer-to-peer lender that has provided more than 35,000 loans to date
• The next biggest region is the southeast, with 10 firms, including five in Oxfordshire. Among them are Exscientia (No 31), which provides drug development through AI, and biotechnology firm Oxgene (No 19), both based in Oxford
• The northwest is home to eight companies and the northeast to seven. In the northwest, four companies are based in Manchester, including software developer Godel Technologies (No 75) and professional networking platform In Touch Networks (No 97). In the northeast, two companies are based in Leeds: social media intelligence provider Crisp (No 90) and workforce management software developer BigChange (No 68)
Sustained growth
45 companies make a second appearance this year, 17 appear for a third time in a row, while eight appear for a fourth consecutive year (see left).
The record appearances in the last 20 years is held by four companies with seven each: Skyscanner, THG and Cheapflights (now Momondo Group) and Adeptra.
Appearing for four consecutive years
Company Activity
Darktrace Cyber-security developer
GoCardless Payment services provider
Giacom Cloud services provider
Godel Technologies Software developer
Hyperoptic Internet services provider
Superawesome Children's privacy protection
StarLeaf Video conferencing platform
TransferWise International payments provider
© 2020 Tech Track 100 fasttrack.co.uk
Tech Track 100 research report 2020 9
KEY THEMES & SELECTED COMPANY PROFILES
On the following pages we profile examples of companies that demonstrate some of the key themes from this year’s league table, related to Covid-19, as well as broader industry themes.
COVID-19 RELATED THEMES
Data analytics
Data analytics and other data tools developed by companies on this year’s league table have been used to help inform critical decisions during the pandemic.
* supplied by company
21 Chief executive Matthew Scullion, 41, co-founded this business in 2011 after convincing three of his former bosses to invest. Its software collates corporate data from multiple sources, loads it into a cloud-based data warehouse and converts the data so it can be analysed. Its customers include Cisco, Amazon and Accenture. During the pandemic, it partnered with US data consultancy Greenwich Analytica to provide a Covid-19 summary for the State of Connecticut, which included data on infection rate, fatalities, testing and jobless claims. Matillion has dual headquarters in Manchester and Denver, Colorado, as well as offices in New York and Seattle.
CAGR 120.21%Latest sales *£13.8mIn profit? No Staff 200Founded 2011Location Altrincham
Matillion Data transformation software
The State of Connecticut used its data tools to inform public health decisions during Covid-19
33 Dashboards, models and simulations developed by this London AI company provided a single source of accurate and up-to-date information used by senior decision makers in the NHS and Government to help in critical decisions during the pandemic, such as distributing ventilators and PPE equipment. It also worked with the Ministry of Housing, Communities and Local Government to help monitor the impact of Covid-19 on local communities. Founded in 2014 by Marc Warner, 36, Angie Ma, 39, and Andrew Brookes, 36, it has completed more than 350 AI projects for customers including the Home Office, Tesco and the BBC.
CAGR 95.00%Latest sales *£9.1mIn profit? No Staff 118Founded 2014Location Central London
Faculty AI software provider
Helped NHSX with its data response to the Covid-19 pandemic
31 This Dundee University spin-out automates drug discovery, and can shorten the pre-clinical stage by at least 75% – helping to bring treatments to market at a faster and cheaper rate. In January, it announced the first AI-invented drug molecule to begin human trials, and it is currently working with American medical research facility Scripps Research and the EU's Innovative Medicines Initiative to identify new drugs for the treatment of coronavirus. Based in Oxford and led by founder Andrew Hopkins, 48, it works with pharma giants such as GlaxoSmithKline and Bristol Myers Squibb. The latter was involved in a $60m investment in May, alongside European life sciences companies Evotec and Novo Holdings.
CAGR 96.36%Latest sales £9.1mIn profit? No Staff 43Founded 2012Location Oxford
Exscientia AI-driven drug discovery
Says it is the first company to use AI to design a drug that has entered human clinical trials
Software developed by Faculty (No 33), founded by Marc Warner, Angie Ma and Andrew Brookes, is used by the NHS for pandemic planning
Tech Track 100 research report 2020
© 2020 Tech Track 100 fasttrack.co.uk
10
Oxford Nanopore Technologies (No 20) has developed a low-cost and scalable test for Covid-19, which gives results in one hour
Developing a vaccine
Six companies on this year’s league table are deploying their resources and expertise to develop a Covid-19 vaccine, as well as testing capabilities and treatments to increase patient survival rates. The six are EUSA Pharma (No 59), Spectrum Medical (No 63), Exscientia (No 31), and the three examples below.
19 After completing his PhD at the University of Oxford, chief executive Ryan Cawood, 36, set up Oxford Genetics with Leonard Seymour, 62, in 2011. Now named OXGENE, its technology platforms are used to accelerate the discovery, development and manufacture of cell and gene therapies. It has re-deployed some of its technologies to develop a potential Covid-19 vaccine, and discover antibodies that could neutralise the virus' effects. Its scientists have been splitting their time between home working and its labs, and are collaborating with Oxford-based The Native Antigen Company to scale up the manufacturing of Covid-19 antigens. Existing investors Mercia Asset Management participated in a further £3m investment round in May.
CAGR 126.48%Latest sales *£6.0mIn profit? No Staff 85Founded 2011Location Oxford
OXGENE Biotechnology
Collaborating with The Native Antigen Company to scale up production of Covid-19 antigens
* supplied by company
20 Spun out of the University of Oxford in 2005, this company has developed devices that identify bacteria and viruses, track disease outbreaks and study the DNA of humans, animals and plants. During Covid-19, it has supported public health laboratories around the world using its sequencing devices. It has also developed LamPORE, a low-cost, scalable test for the virus that returns results in one hour and was rolled out by the UK ‘s Department of Health in August. Led by co-founder and chief executive Gordon Sanghera, 59, Oxford Nanopore sells to more than 100 countries and has secured a total of £529m in venture funding – including £48m in May – from investors including Invesco and IP Group.
CAGR 125.74%Latest sales *£52.1mIn profit? No Staff 466Founded 2005Location Oxford
Oxford Nanopore Technologies DNA analysis technology
Has developed a low-cost and scalable test for Covid-19, which gives results in one hour
Kymab Biopharmaceuticals developer87 Based on research into embryonic stem cells in mice by chief
scientific officer Allan Bradley, 60, Kymab has developed antibodies, which have the potential to protect us from some of the world’s most life-threatening autoimmune diseases, cancer and even Covid-19. Kymab was spun-out of The Wellcome Trust Sanger Institute in 2009 and has raised $280m from investors, including the Bill & Melinda Gates Foundation, which it is currently collaborating with to test a number of potential Covid-19 vaccines. The Cambridge firm appointed new chief executive Simon Sturge, 61, in May. It is said to be considering an IPO.
CAGR 52.81%Latest sales *£8.7mIn profit? No Staff 183Founded 2009Location Cambridge
Working with the Bill & Melinda Gates Foundation to test potential Covid-19 vaccines using its technology
© 2020 Tech Track 100 fasttrack.co.uk
Tech Track 100 research report 2020 11
* supplied by company
85 This Watford company made headlines in May when the House of Commons selected StarLeaf as a potential replacement for Zoom, its video technology of choice, allowing up to 400 MPs to appear virtually in the chamber. StarLeaf, founded in 2008 by Mark Loney, 51, William MacDonald, 55, and Mark Richer, 56, designs and develops cloud-based video-conferencing software for desktops, mobile devices and company meeting room systems, and says it saw a 950% increase in calls from January to April. In 2017 the business raised $40m from investors, including Highland Europe and Grafton Capital, helping it to expand in the US with offices in New York and Chicago.
CAGR 53.58%Latest sales *£23.2mIn profit? No Staff 217Founded 2008Location Watford
77 Founded by chief executive Daniel Allen, 39, in 2006, this London company specialises in communication and collaboration services. It has built a proprietary platform, which provides clients with a global network architecture to automate and manage applications - such as Microsoft Teams, Cisco BroadSoft and Webex. During lockdown it saw an increase in demand, as it enabled clients’ staff to work from home. The Home Office, UBS and Smith & Williamson are just some of the organisations using its technology. It plans to invest in its platform, for example incorporating additional AI services to enhance its compliance, reporting and analytics capabilities.
CAGR 56.99%Latest sales *£12.5mIn profit? Yes Staff 37Founded 2006Location Central London
SIPCOM Communications service provider
Its technology was used by 50,000 government staff to work remotely during lockdown
25 During lockdown this telephony platform helped SMEs across the UK in the transition to working from home, by providing the infrastructure for colleagues to communicate remotely and access their office phones. Led by founder Russell Lux, 43, the London-based company supplies 240 reseller partners with the handsets, software and technical support they need to offer telecommunications as part of their IT services portfolio. Its latest mobile and desktop app enables users to record virtual meetings and share their screen. In January, it acquired wholesale communications platform Ziron.
CAGR 109.77%Latest sales *£5.0mIn profit? Yes Staff 28Founded 2015Location North London
StarLeaf Video conferencing platform
Over 50 NHS trusts use its video conferencing
TelcoSwitch Telephony platform
Its mobile and desktop apps helped staff at SMEs communicate whilst working remotely
Enabling remote working
While US success stories such as Slack, DocuSign and Zoom are well known, there are also good examples of UK private tech companies helping people work from home during the crisis, and enabling longer-term change to working patterns.
StarLeaf (No 86) saw a 950% increase in calls through its cloud-based video-conferencing software from January to April
Tech Track 100 research report 2020
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Bark.com (No 6) was founded by Kai Feller (left) with serial entrepreneur Andrew Michael, who also set up web hosting firm and Tech Track 100 alumnus Fasthosts
Online marketplaces
Online retail has made people’s lives easier during Covid-19, and while the whole sector looks set to grow, marketplace models have been particularly successful, with eight featured this year. Familiar marketplace applications – like those trading consumer goods – are represented, as well as categories where marketplace models are relatively new – such as elderly care.
6
9
This online platform – where people can find services ranging from dog walking and personal trainers to accountancy – has responded to customers affected during the lockdown by offering new services such as Covid-19 deep cleaning and disinfection services for businesses and homes, as well as remote workout sessions. It also launched a new website offering digital skills to businesses hit by the crisis. Bark.com was founded in 2015 by Andrew Michael, 40, and chief executive Kai Feller, 29. Andrew previously founded several technology companies, including Tech Track 100 alumnus Fasthosts, a web hosting firm.
Elder’s platform matches self-employed carers with families looking for an alternative to residential care homes, allowing elderly people to stay in their homes for longer. It has developed proprietary technology to match carers based on needs, personality and location, and says it has delivered more than 350,000 days of care across over 300 British towns and cities. At the onset of the pandemic, carers in its network were designated key workers and were equipped with PPE, which Elder sourced and shipped directly from China. Co-founded by chief executive Peter Dowds, 33 and Tom Brooks, 35, in 2015, Elder has raised £16.3m in funding to date.
CAGR 182.78%Latest sales *£17.9mIn profit? Yes Staff 43Founded 2015Location Central London
CAGR 178.24%Latest sales *£5.0mIn profit? NoStaff 87Founded 2015Location Central London
34 Trouva’s online platform enabled 70% of its more than 900 independent boutique partners across Europe to continue trading when physical stores were forced to close earlier this year. Its platform helps shop owners move stock and fulfil shipments through its inventory management and logistics technology, and has allowed businesses to make alternative arrangements for fulfilling product deliveries during the pandemic. Co-founders Alex Loizou, 33, Mandeep Singh, 36, and Glen Walker, 33, started the online marketplace – originally named StreetHub – in 2013. In November it raised $22m from investors including Octopus Ventures, LocalGlobe and BGF, bringing total funds raised to $36m.
CAGR 94.34%Latest sales *£7.3mIn profit? No Staff 76Founded 2013Location Central London
TrouvaOnline boutique marketplace
Enabled 70% of its boutique partners across Europe to continue trading during lockdown
Bark.com Professional services marketplace
Is offering new services such as Covid-19 deep cleaning and remote workout sessions
Elder Elderly care platform
* supplied by company
Its proprietary technology matches carers to the needs and location of elderly people
© 2020 Tech Track 100 fasttrack.co.uk
Tech Track 100 research report 2020 13
COPA90 (No 57) works with brands such as Pepsi and star players like Lionel Messi to showcase football culture
Gaming and entertainment
Demand for video games and online entertainment rocketed during lockdown, with those furloughed seeking ways to fill their time when stuck at home. Gaming companies on this year's league table reported that more people were playing for longer, with for example Lockwood Publishing (No 64) hitting 1.4m daily active users during lockdown. Others, such as football trading platform Football Index (No 2) and football community COPA90 (No 57) have seen their online communities grow.
42
57
This Liverpool-based video game developer specialises in high quality games for PCs and consoles. With the increasing popularity of gaming during lockdown, the company says it has never been busier. It now has more than 120 staff and is hiring animators, programmers and artists, with a focus on experienced developers and recent graduates. Its latest title – a sci-fi horror called The Persistence where players must survive on board a star ship – came out in May. The founding team, led by managing director Graeme Ankers, 47, met at Sony Studio Liverpool, and created Wipeout, one of the first games for the original Sony PlayStation in 1995.
COPA90 is an independent football media business that covers stories on and off the pitch by showcasing football culture from around the world through the eyes of its 1,500 filmmakers. When football took an enforced break earlier this year, COPA90 offered fans a glimpse into footballers' homes, including Rio Ferdinand and Dele Alli. It has also worked with Man City forward Raheem Sterling to publicise racism in football. Chief executive Tom Thirlwall, 47 has secured partnerships with brands such as Pepsi, Electronic Arts and Nike, as well as e-commerce and licensing. In June he committed the company to fighting racism and social injustice, inspired by the Black Lives Matter and Kick It Out movements.
CAGR 80.59%Latest sales *£6.2mIn profit? Yes Staff 107Founded 2012Location Liverpool
CAGR 72.60%Latest sales *£16mIn profit? No Staff 50Founded 2006Location Central London
72 Subscriptions to this film streaming platform doubled during lockdown. Founder and chief executive Efe Çakarel, 44, started MUBI in San Francisco in 2007, before moving it to London in 2009. It now also has offices in New York, Kuala Lumpur and Mumbai, and allows members in more than 190 countries to choose from a curated, country-specific film selection. It showcases cult classics and work by emerging independent directors, as well as renowned industry names such as Martin Scorsese. A new film is added to the platform every day, with recent hits including Portrait of a Lady on Fire. It has raised £30,000 to help independent cinemas and festivals through its #DearVirus campaign.
CAGR 59.54%Latest sales *£9.6mIn profit? NoStaff 77 Founded 2007Location Central London
MUBI Online streaming service
Subscriptions to its platform doubled during lockdown
Firesprite Video games developer
Its founders created Wipeout, one of the first games for the original Sony PlayStation
COPA90 Digital football community
Showcases football culture from around the world through the eyes of its 1,500 filmmakers
* supplied by company
Tech Track 100 research report 2020
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Checkout.com (No 55) founder Guillaume Pousaz raised $150m from investors in June
32 More than 1,500 global organisations, including Revolut and Zipcar, use Onfido’s machine learning technology to verify users accessing online resources, such as financial services and online marketplaces. In April it launched a Covid-19 relief initiative providing free identity checks to non-profit and charitable organisations, and says it saw a four-fold increase in demand for its services from online healthcare providers during the first month of the lockdown. The three co-founders started the company in 2012, just days after graduating. Onfido has raised $200m in venture capital, including $100m in April in a funding round led by TPG Growth.
CAGR 96.35%Latest sales *£27.6mIn profit? NoStaff 340Founded 2012Location Central London
55 This company has developed a platform that allows businesses such as Samsung and Adidas to process online payments faster and more efficiently. Founded by chief executive Guillaume Pousaz, 39, in 2012, Checkout.com integrates different payment methods, currency conversion, fraud protection and data reporting in a single platform. In June, it raised $150m from investors including US hedge fund Coatue and Singapore’s sovereign wealth fund GIC, in a round that valued the business at $5.5bn. It has added more than 500 new customers over the past year – including Revolut and Tech Track 100 alumnus Farfetch. It is reportedly considering a US stock market flotation.
CAGR 73.02%Latest sales £114.7mIn profit? Yes Staff 750Founded 2012Location Central London
Checkout.com Payment services provider
A $150m fundraising round in June valued the business at $5.5bn
30 This firm provides comprehensive pet insurance to more than 170,000 customers in the UK, using analysis of search data to create its policies. During the lockdown, it created a product in eight days to help customers financially impacted by Covid-19 and provided video calls with vets to ensure its customers’ pets continued to receive treatment. Co-founded in 2012 by chief executive Steven Mendel, 53, and chief technology officer Guy Farley, 50, it secured £78m from investors in May to continue its international expansion, after launching in Sweden last year.
CAGR 96.44%Latest sales *£17.2mIn profit? NoStaff 154Founded 2012Location Central London
Bought By Many Specialist insurance platform
Secured £78m from investors in May to continue its international expansion
Onfido Identity verification software
Raised $100m in April in a funding round led by TPG Growth
* supplied by company
OTHER KEY THEMES
Growth capital fundraisingInvestors continue to fund the technology sector, despite the challenges presented by Covid-19. UK tech companies raised $5.3bn in the first five months of 2020, with 15 of this year’s companies completing fundraising this year. Examples include Revolut (No 1), which completed a $500m Series D round in February, and was valued at $5.5bn after raising a further $80m in July from investors including TSG Consumer Partners.
© 2020 Tech Track 100 fasttrack.co.uk
Tech Track 100 research report 2020 15
Hyperoptic (No 66) chief executive Dana Tobak also founded Be Broadband, which was sold to O2 for £50m in 2006
Serial entrepreneurs
35 companies on this year’s league table are run by serial entrepreneurs – and several of them also founded Tech Track 100 alumni.
They include Andrew Michael, who set up web hosting firm and Tech Track 100 alumnus Fasthosts before co-founding Bark.com (No 6). Other examples are below.
44 Former mortgage advisor Nigel Hoath, 53, and founder of Tech Track 100 alumnus ULS Technology, set up this Oxfordshire business in 2015 when he spotted a gap in the market for a product that brought under one roof all the services involved in buying and selling a house. GOTO Group’s platform provides estate agents with an easily customisable website through which home buyers and sellers can access services such as online auctions, surveys, conveyancing and removals. The company says the pandemic boosted demand for its services, with its online auction product seeing a record number of listings in April, followed by a record number of property sales in June.
CAGR 80.07%Latest sales *£6.4mIn profit? No Staff 44Founded 2015Location Oxfordshire
GOTO Group Property management platform
Founder Nigel Hoath set up ULS Group, which featured on Tech Track 100 in 2013
18 When Charles Delingpole, 37, left Tech Track 100 alumnus MarketInvoice, where he was a co-founder, in 2014, he came up with 15 ideas for a new venture and asked his former colleagues to choose the best. The resulting compliance database now helps organisations, including banks, insurers and payment providers, to address compliance issues related to transaction monitoring, fraud and anti-money laundering. Since the onset of the pandemic it has been helping its customers combat a rise in online criminal activity. The company secured $50m in funding in July, from investors including Index Ventures and Balderton Capital, bringing total funds raised to $88m.
CAGR 126.66%Latest sales *£10.6mIn profit? No Staff 269Founded 2014Location Central London
ComplyAdvantageAnti-money laundering software
Founder Charles Delingpole co-founded Tech Track 100 alumnus MarketInvoice in 2011
66 During the pandemic, this firm’s engineers were classified as key workers, and continued to maintain and repair its broadband networks, as well as connect new customers, prioritising vulnerable people without online access. University friends Dana Tobak, 51, and Boris Ivanovic, 50, set up Hyperoptic in 2011, after previously founding another internet service provider, Be Broadband, which they sold to O2 for £50m in 2006. The company currently operates in 43 towns and cities across the UK, working with social housing providers and councils to provide residents with broadband. Last October, US private equity firm KKR took a majority stake in a £500m deal.
CAGR 64.70%Latest sales *£39.2mIn profit? No Staff 1,179Founded 2011Location West London
Hyperoptic Internet services provider
The two founders sold their previous business to O2 for £50m in 2006
* supplied by company
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Elvie (No 7) founder and chief executive Tania Boler secured $42m in growth capital in 2019 from investors including city veteran Michael Spencer's IPGL and Octopus Ventures
Women in tech
There are nine companies on this year's Tech Track 100 that are run or founded by women, compared with the same figure in 2018 and 10 last year.
Examples include children's pre-paid card provider gohenry (No 76), co-founded by chief operating officer Louise Hill, and AI software developer Faculty (No 33), whose data scientist Angie Ma is co-founder and chief people officer.
29 Centtrip supports more than 500 of the world’s biggest music acts, including Coldplay, Adele and Robbie Williams, and half of the world’s superyacht fleet. Its platform provides internationally mobile teams with real-time control over multi-currency deposits, international payments and foreign exchange. Throughout the pandemic, it has kept customers informed of currency volatility, and has worked with music industry associations in finding solutions to overcome travel and event restrictions. Strength in the marine and music sectors has led to success in aviation, film and sports under chief executive Jane Turner, 60.
CAGR 100.62%Latest sales £5.0mIn profit? NoStaff 46Founded 2013Location Central London
36 Developed at Cambridge University in 2008, Featurespace says its software has helped combat a rise in enterprise financial crime as criminals target the vulnerable during the pandemic. Its platform identifies suspicious behaviour to stop online scams as they happen – it monitors customer data from clients including Danske Bank, Worldpay and ClearBank and learns to think in the same way as customers would, allowing it to more accurately detect criminal activity. Its technology is used in more than 180 countries under chief executive Martina King, 59. In May, it raised £30m from Merian Chrysalis and other investors to continue its international expansion.
CAGR 93.42%Latest sales *£17.7mIn profit? No Staff 242Founded 2008Location Cambridge
Featurespace Analytics software developer
Chief executive Martina King secured funding of £30m in May to expand overseas
7 Founded in 2013 by chief executive Tania Boler, 43, and chairman Alex Asseily, 45, Elvie develops smart technology focussed on female health. Products include an app-connected exercise accessory to strengthen the pelvic floor, and the world's first silent wearable breast pump. In response to the pandemic, discounts were offered to key workers, and an Instagram campaign, At Home with Elvie, has kept women informed with advice from health professionals. Last year, it secured $42m in growth capital, the largest ever for a female health technology company, from investors including IPGL and Octopus Ventures.
CAGR 182.65%Latest sales *£19.8mIn profit? NoStaff 81Founded 2013Location Central London
Elvie Female health technology developer
Co-founder Tania Boler raised $42m – the largest investment for a female health firm
Centtrip Treasury management platform
Under chief executive Jane Turner, sales rose 101% a year to £5m last year
* supplied by company
© 2020 Tech Track 100 fasttrack.co.uk
Tech Track 100 research report 2020 17
GoCardless (No 61) chief executive Hiroki Takeuchi founded the company in 2011 with two university friends
BAME entrepreneurs
In a year when diversity in the technology industry has come under scrutiny, there are 7 companies founded and run by BAME entrepreneurs on this year’s league table. There are no black entrepreneurs featuring this year, showing there is a long way to go.
Notable black entrepreneur alumni include Ismail Ahmed, co-founder and executive chairman of WorldRemit, which featured on Tech Track 100 between 2016 and 2019. It was valued at $900m last year, when it raised $175m from TCV, Accel and Leapfrog. Companies run by BAME entrepreneurs on this year’s league table include the examples below:
61 When the pandemic struck, this fintech firm, whose platform allows merchants to take payments online via direct debit, had just signed its biggest ever deal and was on track to enjoy one of its most successful quarters. Following lockdown, it saw a 15% reduction in processing volumes from customers. This led co-founder and chief executive Hiroki Takeuchi, 34, to cut costs which he detailed on a public blog post to help other first-time founders in similar circumstances. Before the pandemic, the company processed $15bn of payments a year on behalf of 50,000 businesses, such as TripAdvisor and the Guardian. Last year the company raised $98m from investors.
CAGR 68.35%Latest sales £29.3mIn profit? NoStaff 322Founded 2011Location Central London
78 Developers, product designers and software engineers at this digital services provider help clients such as British Airways, Diageo and the Co-op develop their in-house technology and permanent teams. During the Covid-19 crisis, it has supported clients to adopt remote ways of working, and built a digital library to house resources on working remotely. Chief executive Paramjit Uppal, 52, founded the London firm in 2014 after having sold his previous business, technology consultancy Qedis. In February this year it raised £11m from BGF to support overseas expansion.
CAGR 56.24%Latest sales *£43.0mIn profit? No Staff 447Founded 2014Location Central London
AND Digital Digital development services
Paramjit Uppal founded the company after selling Qedis, a technology consultancy
28 Founded in 2015 by Taymoor Atighetchi, 31, this online retailer saw monthly demand for its personalised greeting cards and stationery rise by 300% on average during lockdown. It partners with independent artists and brands to create collections of products such as notebooks and diaries that can be customised online - previous design partners include Disney. The firm claims that 10% of British weddings use its stationery, and it has been offering couples free digital versions of their invitations or postponement letters, as well as a 50% discount on reprints if the event details changed. It secured an $11m funding round led by Beringea last September.
CAGR 105.41%Latest sales *£10.4mIn profit? NoStaff 65Founded 2015Location Central London
Papier Personalised stationery retailer
Founder Taymoor Atighetchi also set up youth news site The Tab
GoCardless Payment services provider
Founder & chief executive Hiroki Takeuchi secured $98m from investors last year
* supplied by company
Tech Track 100 research report 2020
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TWENTY YEARS OF TECH TRACK 100
Tech Track 100 was launched 20 years ago to recognise Britain’s fastest-growing private technology companies. A total of 1,200 companies have featured on Tech Track 100 and 10 Tech Track Ones to Watch.
Key changes
The vital statistics of the league table companies have changed significantly over the last 20 years. Some criteria changes prevent direct comparison of sales and staff but some of the key observations include:
• 38 companies are online and/or app-based vs only two online recruitment firms on the first list which pre-dated the smartphone
• 77 firms on this year's league table have been funded by VCs/business angels, almost double the 41 on the 2001 list
• There are a record number of 12 health and medtech companies on this year, vs 6 in the first year
• The number of telecoms and tech infrastructure has decreased to 7 from 19 in the first year
• Fintech firms are down to 11 this year, after a record 24 last year, and 13 in 2001
There has been a significant shift in featured companies' headquarter locations. These include:
• London has become the dominant location, with more than double the number of companies in 2020 (62), compared with 2001 (27)
• The southeast was the top location in 2001 with 32 firms, compared with 10 this year
• The north had 11 companies in 2001, with 15 this year
• There was a wider spread across the regions in 2001 vs 2020; in 2020 almost three quarters (72) of companies are based in London and the southeast, compared with 59 in 2001
Rich list• 60 directors and shareholders from 42 Tech Track 100 alumni
companies appreared on the latest Sunday Times Rich List, with combined wealth of £60bn
• They include Nikolay Storonsky, co-founder and CEO of Revolut, whose estimated wealth is £363m; and Denise Coates CBE, founder and CEO of Bet365, with an estimated family fortune of £7.2bn. She and her family are Britain's biggest taxpayers contributing an estimated £276m last year – twice as much as anyone else
Then and now: 2001 vs 2020
VC/PE-backed
Key industry changes
4177
online and/or app-based consumer services
2 38
telecoms and tech infrastructure
19 7
Of the 1,200 companies that have featured:
Where are they now?
660remain private
50floated
390merged or were acquired
100went bust
© 2020 Tech Track 100 fasttrack.co.uk
Tech Track 100 research report 2020 19
Gareth Williams founded Skyscanner, which featured on Tech Track 100 seven years before being sold to Ctrip in a $1.4bn deal
Sustained growth companies• Of the 1,200 companies to have featured, just over half (608)
the companies have appeared once
• 27% of the companies have appeared twice
• 12% have appeared three times
• 5% have appeared four times
• Only 1% have appeared five times
The seven companies appearing six times or more are shown in the table below.
FailuresAccording to the Office of National Statistics, just over half of start-ups fail within four years. In comparison, only 8% of Tech Track 100 companies have gone bust. They include:
• Online money lender Wonga, which featured as No 1 in 2011 with sales of £73.8m and profits of £17.5m, valued at £1bn when it considered floating in 2012 went into administration in 2018, amid criticism of its high interest rates and regulatory scrutiny
• Ve Interactive, which was valued at over $1bn before falling into administration in April 2017, when it was quickly rescued in a management buyout
• IT services provider 2e2, which was valued at over $1bn before falling into administration in April 2017, when it was quickly rescued in a management buyout
Companies that have appeared at least six times on the Tech Track 100
AdeptraManaged services provider 7 2004 1.4 14.8 Subsidiary – acquired by FICO for £115m in 2012
Momondo Group Travel search 7 2004 2.8 90.2 Subsidiary - bought by Priceline (now Booking Holdings) for $550m in 2017
Skyscanner Travel search engine 7 2010 8.8 158.3 Subsidiary - acquired by Ctrip in a $1.4bn deal
THG Online retailer 7 2007 5.7 1,140 Private – majority-owned by investors including KKR, Balderton
Capital, Sofina Capital, BlackRock, and founder Matt Moulding
bet365Online bookmaker 6 2005 446 3,063 Private – majority owned by the Coates family
Forward Internet GroupMedia developer and investor 6 2007 10.1 1.3 Private – majority owned by Neil Hutchinson
Thomsons Online Benefits Employee benefits software developer 6 2006 3.8 42.8 Subsidiary – acquired by Mercer for undisclosed sum in 2016
ActivityCompany Sales
£000 Current statusTimes on
Tech Track 100First featured
year*Latest
sales £m
* Latest publicly available figures
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TECH TRACK 100 ALUMNI
Stock market flotationsTech Track 100 stars have caught the attention of City investors through stock market flotations over the past two decades. A total of 50 league table companies have gone public since 2001, including (in order of first appearance):
First appeared in 2003 with sales of £1.8m, listed on AIM in 2005 valued at
£50m and now worth £2.7bn
2 0 0 3
Betfair first featured in 2005 with sales of £67m; floated in 2010; merged with PaddyPower and Sky
Bet to create Flutter, valued at £19bn
2005
Featured on Ones to Watch in 2015 with sales of £4.5m; floated in 2016 valued at
£49m and now worth £1.3bn
2015
Appeared in 2003 with sales of £17.2m, listed in 2004 at a £240m valuation and
bought by Qualcomm for $2.4bn in 2015
2 0 0 3
First featured in 2009 with sales of £15.7m; floated on NYSE in 2018 valued at
$1.3bn, and is now worth $3bn
2009
First featured in 2003, with sales of £13.6m; floated in 2007; and now
worth £1.7bn
2003
First appeared in 2015 with sales of £199m, listed in 2018 valued at
$5.8bn, and now worth $9.6bn
2015
First appeared in 2011 with sales of £18.1m, listed in 2014 at £1.5bn valuation, completed a £6bn merger with Takeaway.com in 2020
2011
First appeared in 2007 with sales of £13m; listed on NYSE in 2014 and bought by Activision Blizzard in 2016 for $5.9bn
2007
First appeared in 2006 with sales of £143m, listed in 2010 at a £940m valuation and has a
current market capitalisation of £19bn
2006
Appeared in 2002 with sales of £23m; listed in 2015 valued at £1bn; delisted by Thomas
Bravo for $3.8bn in 2019
2 0 0 2
First featured in 2011 with sales of £8m; floated in 2014 valued at c£1bn; acquired
by Silver Lake in 2018 for £2.2bn
2011
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Tech Track 100 research report 2020 21
Mergers & acquisitionsA total of 390 league table alumni have merged with, or been acquired by, other companies since 2001, including (in order of first appearance):
First featured in 2013 with sales of £8m and acquired by ARM for
$350m in 2016
2 0 1 3
Featured in 2007 with sales of £7.2m; acquired by Norwegian firm Tandberg in
a $270m deal in the same year
2 0 0 7
First featured in 2016 with sales of £5m; acquired in April 2019 by Oracle
for a reported $400m
2 0 1 6
First featured in 2007 with sales of £27.6m; acquired by Amazon for a
reported £200m in 2011
2 0 0 7
First appeared as Cheapflights in 2004 with sales of £2.8m; acquired by
Priceline Group for $550m in 2017
2 0 0 4
First featured in 2009 with sales of £27m; acquired by Paysafe Group in
2015 for $1.2bn
2 0 0 9
First appeared in 2010 with sales of £178.1m; acquired by CDW in a
$431m deal in 2015
2 0 1 0
Appeared on the first Tech Track 100 league table in 2001 with sales of £6.6m,
sold to Symantec in 2008 for £401m
2 0 0 1
Featured in 2007 with sales of £36.5m; merged with YOOX in 2015 before Richemont took control in
2018 in a deal valuing the company at €5.3bn
2 0 0 7
Featured for four consecutive years between 2010 and 2013, initially with sales of £7.3m;
was acquired by Apple for $400m in 2018
2 0 1 0
First appeared in 2010 with sales of £8.8m, featured a further six times before being acquired by Ctrip in 2016 for £1.4bn
2 0 1 0
First featured on the main league table in 2014 with sales of £9.9m; acquired by
Microsoft for $250m in 2016
2 0 1 3
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Companies that have remained privateOut of the 1,200 companies that have featured on Tech Track 100 over the last 20 years, more than half, 660, remain private, fuelled by the high levels of capital available from private markets. Examples include:
First appeared as a Ones to Watch in 2016; reportedly valued at $2bn in 2018 and is set for a multi-billion dollar IPO in 2021
2016
Featured in 2017 as a Ones to Watch; valued at £2bn after a $50m investment from Chinese tech firm NetEase in 2018
2017
Featured in 2019 with sales of £143m; was valued at £1bn in its
latest funding round in 2018
2019
First appeared in 2007 with sales of £5.7m; valued at over £3bn in 2018;
announced plans for £4.5bn float in August
2007
First appeared in 2019 with sales of £55.7m; secured $150m in funding in June, valuing the company at $5.5bn
2019
Featured in 2005 with sales of £446m; achieved sales of £3bn and
EBITDA profits of £800m in 2019
2005
Featured as One to Watch in 2015; in 2019 Amazon led a $575m fundraising, bringing total
funds raised to $1.35bn, valuing it at $2bn
2015
First featured in 2018 with sales of £23.3m; has raised £130m to date, including £33m in
April from investors including BGF
2018
Featured in 2008 with sales of £95m; valued at £1.3bn in 2018 when Hg and
Intermediate Capital led a buyout
2008
First appeared as a Ones to Watch in 2017 with sales of £2.4m; valued at
$5.5bn in July
2017
First featured as a Ones to Watch in 2014 with sales of £10m, and then on the main league table in 2017, 2018 and 2019; was valued at $5bn in July
2014
First appeared in 2016 with sales of £26.8m, valued at c$1bn in 2019, having
raised more than $375m since 2010
2016
© 2020 Tech Track 100 fasttrack.co.uk
Tech Track 100 research report 2020 23
2020 TECH TRACK 100 LEAGUE TABLE
* supplied by company
1 Revolut Digital banking services provider East London Dec 19 309.89 162,722 No 1,289 Launched in America on the same day that the UK
locked down
2 Football Index Football trading platform Central London Dec 19 306.02 *45,120 Yes 64 Paid out double cash dividends to its traders
during lockdown
3 TessianEmail security provider Central London Mar 20 237.59 8,982 No 138 Its platform has helped prevent and block opportunistic
“phishing” attacks seeking to exploit Covid-19
4[7]
PollenExperience marketplace Central London Dec 19 232.62 *44,790 No 400 With restrictions on travel and events, it has
boosted sales by selling experiences for 2021
5 VoCoVoRetail communication provider Oxfordshire Dec 19 221.32 *13,034 Yes 40 Is offering discounts to the NHS on its PPE-
compatible headsets to help teams communicate
6 Bark.com Professional services marketplace Central London Dec 19 182.78 *17,850 Yes 43 Its online platform is offering new services such as
Covid-19 deep cleaning and remote workout sessions
7 Elvie Female health technology developer Central London Dec 19 182.65 *19,839 No 81 Offered discounts to key workers and kept women
informed with health advice on Instagram
8 Whalar Marketing technology Central London Dec 19 181.41 *5,494 No 80 Says its 5,000 influencers have helped spread
social distancing guidance on social media
9 ElderElderly care platform Central London Mar 20 178.24 *5,000 No 87 Has grown by 22% during the pandemic, and says its
Covid-19 mortality rate is 83% lower than care homes
10[6]
LendableConsumer lending platform Central London Dec 19 165.52 *32,197 Yes 54 Recently launched its first credit card, with car
finance soon to follow
11 Qmee Consumer insight platform Reading Dec 19 161.74 *6,997 Yes 15 Its technology helped firms gauge public appetite
for a return to travel after the pandemic
12 Paddle Mobile healthcare app Central London Dec 19 159.62 †7,744 No 119 Its staff were given a budget to create their own
home offices when it transitioned to remote working
13 Babylon Health Gambling platform Central London Dec 19 154.35 *14,810 No 1,800 Launched a Covid-19 feature on its app to disseminate
government advice and allow users to check symptoms
14 Quantexa Data analytics provider Central London Mar 20 140.84 *17,500 No 209 Adapted its software to detect new types of fraud and
money laundering that emerged during the pandemic
15 BboxxSolar technology developer West London Dec 19 139.69 *17,937 No 601 Introduced a “crisis energy” scheme for customers
falling behind on payments due to the pandemic
16 OakNorth Bank Business finance provider Central London Dec 19 138.75 104,341 Yes 96 Since UK lockdown began, it has approved an
average of £100m in new loans every month
17 Mindful ChefMeal kit delivery services South London Dec 19 136.93 *14,609 No 40 Launched the “Care Box” during lockdown — the
UK’s first next-day delivery recipe box
18[16]
ComplyAdvantageAnti-money laundering software Central London Mar 20 126.66 *10,551 No 269 Its platform is helping customers combat a rise in
online criminal activity during the pandemic
19 OXGENE Biotechnology Oxford Apr 20 126.48 *6,002 No 85 Collaborating with the Native Antigen Company to
scale up production of Covid-19 antigens
20 [5]
Oxford Nanopore Technologies DNA analysis technology Oxford Dec 19 125.74 *52,100 No 466 Has developed a low-cost and scalable test for
Covid-19, which gives results in one hour
21[36]
MatillionData transformation software Altrincham Dec 19 120.21 *13,787 No 200 The state of Connecticut used its data tools to
inform public health decisions during Covid-19
22 Moteefe Custom merchandise platform Central London Dec 19 117.81 *15,500 No 70 Claims that new merchandise designs can be
created in less than 60 seconds
23 Signal AIMedia intelligence platform Central London Mar 20 115.11 *7,781 No 149 Added a free Covid-19 feature to its platform to detect
relevant and trustworthy information on the virus
24[10]
Rebound Returns E-commerce returns technology Telford Dec 19 113.44 *27,300 Yes 44 Online businesses used its technology to make
returns easier during lockdown
25 TelcoSwitch Telephony platform North London Dec 19 109.77 *5,008 Yes 28 Its mobile and desktop apps helped staff at SMEs
communicate while working remotely
Rank2020
% annual sales rise over 3 yrs FYEHQ locationActivity[2019]
Company Latest sales
£000 StaffIn
profit? Comment
Tech Track 100 research report 2020
© 2020 Tech Track 100 fasttrack.co.uk
24
2020 TECH TRACK 100 LEAGUE TABLE
* supplied by company
26[12]
SPOKE Online menswear supplier West London Oct 19 109.22 *8,300 No 36 Raised £8.5m from BGF in October last year to
support its expansion into America
27 TripteaseDirect hotel booking platform Central London Dec 19 107.08 *9,846 No 100 Published guides and videos on how to safely reopen
hotels after lockdown
28 PapierPersonalised stationery retailer Central London Apr 20 105.41 *10,400 No 65 Offered half-price reprints of wedding invitations if
event details had to change
29 CenttripTreasury management platform Central London Sep 19 100.62 5,024 No 46 Helped music industry associations overcome
challenges posed by travel and mass event restrictions
30[37]
Bought By ManySpecialist insurance platform Central London Mar 20 96.44 17,216 Yes 154 Offered its customers video calls with vets during
the pandemic to help their pets receive treatment
31 ExscientiaAI-driven drug discovery Oxford Dec 19 96.36 9,107 No 43 Says it is the first company to use AI to design a
drug that has entered human clinical trials
32 [8]
Onfido Identity verification software Central London Dec 19 96.35 *27,561 No 340 Is providing its platform for free to non-profit and
charitable organisations during the pandemic
33 [22]
FacultyAI software provider Central London Mar 20 95.00 *9,054 No 118 Helped NHSX with its data response to the Covid-
19 pandemic
34 Trouva Online boutique marketplace Central London Jul 20 94.34 7,315 No 76 Enabled 70% of its boutique partners across
Europe to continue trading during lockdown
35 Bluewater Bio Water treatment provider Central London Sep 19 93.67 9,544 No 19 Commissioned six project upgrades during lockdown,
resulting in cleaner water in the Midlands and northwest
36[25]
Featurespace Analytics software developer Cambridge Dec 19 93.42 *17,746 No 242 Its technology has helped protect vulnerable
people from online fraud during the pandemic
37 [24]
FruugoOnline shopping platform Cumbria Dec 19 91.34 *10,265 No 44 Its sales increased around 200% in the first few
months of the pandemic
38[17]
OTA InsightHospitality technology provider Central London Dec 19 88.89 *17,156 No 200 Its technology supported hotel groups to reopen
after lockdown
39[26]
Monterosa Audience interaction platform Central London Mar 20 88.77 *10,325 No 80 Its platform helped audiences of a German TV show
express opinions on the Covid-19 crisis in real time
40 Azuri TechnologiesSolar technology developer Cambridge Dec 19 88.27 *12,425 No 100 Its solar panel systems has helped rural children in
Kenya access educational content during the pandemic
41 [45]
Gousto Meal kit delivery services West London Dec 19 86.34 82,526 No 411 Launched a “food-finder directory” during lockdown to
help small UK food businesses find local customers
42 FirespriteVideo games developer Liverpool Oct 19 80.59 *6,186 Yes 107 Is growing its team by focusing on experienced
developers and recent graduates
43 [63]
EndomagMedical device developer Cambridge Dec 19 80.10 *9,045 No 29 Provided free products worth £150,000 for the NHS to
continue essential cancer treatments during Covid-19
44 GOTO Group Property management platform Oxfordshire Mar 20 80.07 *6,371 No 44 Its online auction service saw a record increase in
property listings during April
45 Fleetondemand Corporate mobility platform West Yorkshire Dec 19 79.90 *16,188 Yes 35 Recently launched its services in France and
Germany despite difficult trading conditions
46 Person Centred Software Social care software Guildford May 20 78.18 *6,250 Yes 39 Made its video call and messaging portal free of
charge to keep residents and their families connected
47 [3]
Global-e Cross-border e-commerce solutions Central London Dec 19 77.70 *46,396 Yes 35 Says its e-commerce customers' cross-border sales
increased by 101% after the onset of the pandemic
48[72]
HutchMobile games developer Central London Sep 19 77.59 15,076 Yes 75 Expanded its calendar of live events in games to
keep players entertained during lockdown
49 SoPost Online product sampling
Newcastle-Upon-Tyne Sep 19 77.50 *5,277 Yes 34 Says the coronavirus pandemic has changed the
rules of product sampling
50[32]
Ogury Mobile advertising technology East London Dec 19 76.75 *83,086 No 380 Has launched a campaign to encourage smartphone
users to clean their devices to help combat Covid-19
Rank2020
% annual sales rise over 3 yrs FYEHQ locationActivity[2019]
Company Latest sales
£000 StaffIn
profit? Comment
© 2020 Tech Track 100 fasttrack.co.uk
Tech Track 100 research report 2020 25
2020 TECH TRACK 100 LEAGUE TABLE
* supplied by company
51 [47]
Giacom Cloud services provider Hull Jul 19 74.90% 35,466 Yes 63 Helped small businesses during the pandemic by
offering its latest cloud server product free of charge
52 [21]
Lending Works Consumer lending platform Central London Dec 19 74.82% *7,646 No 42 Added an automated payment holiday feature to its
platform to support its loan customers
53 ThunderheadCustomer service software Central London Jan 20 74.45% *7,600 No 130 Set up a Covid-19 task force to support brands in identifying
their key workers and most vulnerable customers
54 Adludio Mobile advertising technology Central London Dec 19 73.09% *7,710 No 65 Made remote working permanent after a successful
period of working from home during lockdown
55 [38]
Checkout.com Payment services provider Central London Dec 19 73.02% *114,707 Yes 750 Says the pandemic has boosted sales by
accelerating the shift towards online payments
56 EnerQuip Oil field equipment manufacturer Aberdeen Dec 19 72.96% *11,044 Yes 61 Has seen an increase in demand this year as oil and
gas companies need to make cost savings
57 COPA90 Digital football community Central London Dec 19 72.60% *15,987 No 50 Built a clubhouse in Paris for the 2019 Women’s World
Cup — the only site in the city to show every game
58 [54]
Darktrace Cyber-security developer Cambridge Jun 20 72.54% *158,000 No 1,240 Its AI has detected and countered multiple malicious
attacks associated with Russian hacker group Evil Corp
59 EUSA PharmaBiopharmaceuticals developer
Hemel Hempstead Dec 19 70.45% 92,628 No 115 Received FDA approval for its Siltuximab drug trial, which
has shown increased survival rates for Covid patients
60 ExcelRedstone IT infrastructure provider Central London Dec 19 68.84% †112,841 Yes 661 Its expertise in data centre infrastructure is
supporting remote working during the pandemic
61 [41]
GoCardless Payment services provider Central London Dec 19 68.35% *29,295 No 322 Published its cost-cutting measures in response to
the Covid-19 crisis to support other firms
62 [80]
ENSEK Energy software developer Nottingham Mar 20 68.04% *12,388 Yes 175 Launched energy comparison platform Tickd during
the pandemic to help small businesses lower costs
63 Spectrum Medical Medical device developer Gloucester Dec 19 66.17% *33,128 Yes 144 Its life support systems have been used to treat
critically ill Covid-19 patients
64[52]
TransferWiseInternational payments provider Central London Mar 20 65.85% *302,600 Yes 2,200 Is waiving fees on donations made through its platform
to organisations researching a vaccine for Covid-19
65 [40]
Hyperdrive InnovationBattery technology developer Sunderland Mar 20 65.81% *7,522 No 43 Maintained production of its hi-tech lithium battery
systems throughout the pandemic
66[51]
HyperopticInternet services provider West London Dec 19 64.70% *39,205 No 1,179 Its broadband engineers were classified as key
workers during the pandemic
67 [27]
Lockwood Publishing Mobile games developer Nottingham Mar 20 63.61% *22,692 Yes 124 Its flagship Avakin Life game hit 1.4 million daily
active users during lockdown
68[59]
BigChange Workforce management software Leeds Dec 19 62.15% *15,201 Yes 140 Developed new software, such as no-touch
signatures, to help its clients adapt to Covid-19
69[11]
ClearScore Credit management app South London Dec 19 61.08% *55,734 Yes 230 Helped more than three million people in the UK
manage their finances in June
70[35]
ByteMarketing technology Central London Dec 19 60.91% 11,999 Yes 120 Continued to create new content during lockdown,
including a Snoop Dogg Snapchat lens for Just Eat
71 Exclaimer Email signature software developer Hampshire Sep 19 59.62% *17,461 Yes 89 Its software is used by Buckingham Palace to
manage signatures on staff emails
72 [45]
MUBI Online streaming service Central London Dec 19 59.54% *9,559 No 77 Subscriptions doubled during lockdown and viewing
figures have tripled compared to last year
73 Buddi Remote people monitoring Hertfordshire Dec 19 58.30% *16,265 Yes 143 Awarded NHSX TechForce19 funding to help councils stay
in contact with vulnerable individuals during lockdown
74 [57]
SuperAwesome Children's privacy protection Central London Dec 19 58.19% *40,300 No 170 Its moderated content-sharing platform is helping
children discuss their reactions to Covid-19
75 [84]
Godel TechnologiesSoftware developer Manchester Dec 19 57.84% *35,594 Yes 1,170 Delivered 180 pieces of PPE to a school in Belarus,
where it is has six locations
Rank2020
% annual sales rise over 3 yrs FYEHQ locationActivity[2019]
Company Latest sales
£000 StaffIn
profit? Comment
Tech Track 100 research report 2020
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26
2020 TECH TRACK 100 LEAGUE TABLE
* supplied by company
76 [44]
gohenryChildren's pre-paid card service Central London Dec 19 57.26 *12,819 Yes 117 Says online spending on its debit card for children
rose 65% in the first two weeks of the lockdown
77 Sipcom Communications service provider Central London Mar 20 56.99 *12,452 Yes 37 Its technology was used by more than 50,000
central government staff to work remotely
78 AND Digital Digital development services Central London Dec 19 56.24 43,048 No 447 Launched weekly webinars to help companies
adjust to remote working
79[83]
Student Beans Student loyalty network North London Jun 20 56.14 *10,004 Yes 130 Its insights into students' experience of the pandemic
helped brands on its platform better target services
80 disguise Live event technology provider Central London Dec 19 55.51 *34,642 Yes 109 Waived subscription fees on its software to help
customers during the pandemic
81 FourNet IT consultancy Manchester Jun 19 54.72 26,506 No 92 Helped 6,000 staff at the Bank of England move to
home working within two weeks
82 Waracle Mobile app developer Dundee Dec 19 54.67 *11,779 Yes 88 Developed a mobile opioid prescription app to
enhance end-of-life pain relief
83[76]
Brompton TechnologyVideo technology provider West London Aug 19 54.09 *11,970 Yes 40 Its LED screens can provide an alternative backdrop
for film crews limited by social distancing restrictions
84 GrabyoCloud video platform Central London Dec 19 53.59 *5,145 Yes 59 Its video-editing platform helped Electronic Arts and
the FA to broadcast e-sports during lockdown
85[61]
StarLeaf Video conferencing platform Watford Dec 19 53.58 *23,200 No 217 More than 50 NHS trusts use its video conferencing
software
86 YourParkingSpace Online parking platform Central London Aug 19 53.56 *9,469 No 35 Has offered free parking to NHS staff at more than 1,000
car parks
87 Kymab Biopharmaceuticals developer Cambridge Sep 19 52.81 8,671 No 183 Working with the Bill & Melinda Gates Foundation to
use its technology to test potential Covid-19 vaccines
88[9]
Reverse Media Group Digital media publisher Central London Jul 19 52.61 *8,608 Yes 15 Is seeing a return to normality after losing advertisers
due to budget restrictions during lockdown
89 Singletrack Systems Capital markets software Central London Jul 19 52.49 6,665 No 53 Helped investment banking clients work remotely
with free access to its mobile app
90 Crisp Social media intelligence Leeds Dec 19 52.22 14,768 No 133 Has helped governments and social media
platforms combat the spread of fake Covid-19 news
91 BusuuLanguage learning platform Central London Dec 19 52.14 16,589 No 82 Saw 50,000 new users sign up daily during the lockdown
92[71]
ContactEngine Conversational AI technology Central London Oct 19 51.73 7,910 No 71 Its technology helped broadband firms schedule
home visits safely during lockdown
93 SitekitHealthcare software developer Isle of Skye Mar 20 50.65 *8,500 Yes 72 Reassigned employees to assist on the healthcare
side of the business during the pandemic
94 VCGCommunications service provider
Greater Manchester Mar 20 49.74 29,712 No 115 Set up the communications network at the NHS
Nightingale hospital in Birmingham
95[85]
MPB Photo equipment trading platform Brighton Mar 20 49.58 *44,179 No 122 Its website features work from photographers
documenting the impact of Covid-19
96 [14]
Decibel Customer experience technology Central London Jun 19 49.25 *7,365 No 115 With more people shopping online, it says companies
are even more focused on customer experience
97 [30]
In Touch NetworksProfessional networking platform Manchester Feb 20 49.14 *11,420 No 115 Opened its first overseas office in Chicago and
acquired a leadership consultancy last year
98 Igloo Vision Virtual reality technology developer Shropshire Mar 20 49.02 *9,000 No 80 Its virtual reality environments are making university
lectures more interactive
99 [86]
SmartSearch Anti-money laundering software West Yorkshire Dec 19 48.50 *10,400 Yes 98 Its electronic facial recognition verification is helping
firms avoid disruption caused by social distancing
100 [28]
Plan.com Communications provider Isle of Man Sep 19 48.22 *57,260 Yes 91 Says it is operating business as usual since March, with
customer support, suppliers and services unaffected
Rank2020
% annual sales rise over 3 yrs FYEHQ locationActivity[2019]
Company Latest sales
£000 StaffIn
profit? Comment
© 2020 Tech Track 100 fasttrack.co.uk
Tech Track 100 research report 2020 27
*Sales have been provided by the companies † Annualised
Ben Maruthappu, co-founder and chief executive of Cera, at the care platform’s London offices
10 TECH TRACK ONES TO WATCHOur 10 Tech Track Ones to Watch showcases a selection of companies that do not meet the criteria of the main Tech Track 100 league table, but which have achieved strong sales growth, or are forecasting strong growth, have innovative technologies, and have raised significant venture capital investment.
Previous winners include this year’s No 1 company Revolut, which featured in 2017 with sales of just £12.8m, and is now valued at $5.5bn, with sales of £162.7m in 2019. It has now topped the main table two years in a row – the first company to do so; and cyber-security developer Darktrace, which featured in 2016 with sales of c£2m, and features at No 58 this year with sales of £106.8m in 2019.
Aker Systems IT security provider Oxfordshire May 20 11,100 62 2017
Global ad group WPP and The Home Office are among the organisations that use its platform to manage highly-secure data. Attracted undisclosed minority investment from LDC in June
Cera Care Care services platform technology Central London Dec 19 3,608 283 2016
Led by CEO Ben Maruthappu, it uses AI to help detect health issues in the elderly, reducing hospital admissions; it has raised £70m from investors such as Guiness Asset Management, and is forecasting sales of £250m
CPOMS School safeguarding software North Yorkshire May 20 9,382 61 2018
Its pupil safeguarding software is used by 13,000+ schools in 24 countries, including America and Thailand. Sales grew to £9.4m in 2020, two years after being spun out of UK software firm Meritec, with backing from ECI Ventures
Cuvva Flexible car insurance provider Central London Feb 20 †6,200 80 2014
Its flexible motor insurance, used by over 350,000 customers, has sold over 2m policies to date. Has raised £17m in funding from investors including LocalGlobe and Nick Hungerford, the founder of Nutmeg
Cycle Pharmaceuticals Pharmaceuticals developer Cambridge Dec 19 14,132 32 2012
Develops and delivers medicines for rare genetic diseases including metabolic and neurological conditions. Sales grew from £7.6m in 2018 to £14.1m in 2019 with 60% of sales in America; it forecasts sales of £21m this year
Immersive Labs Cyber-security skills platform Bristol Dec 19 4,217 134 2017
Its cyber-security learning platform teaches clients including the NHS and Citigroup to protect against online threats. It raised £30.6m in November last year from investors including Summit Partners and Goldman Sachs
Peak AI AI system provider Manchester Dec 19 2,196 100 2014
Developing easy-to-use AI software to improve business efficiency, and its clients include PepsiCo and AO.com; has raised $18.5m, including $12m in April from MMC Ventures and Praetura Capital
Popsa AI-personalised photobook publisher Central London Dec 19 7,331 20 2016
Customers in 50 countries use this company’s AI technology to rapidly create their own photobooks. It has raised £6.8m from investors including Pembroke VCT; sales hit £7.3m in 2019 and it forecasts £20m in 2020
Privitar Data privacy software developer Central London Jan 20 6,052 190 2014
Its software anonymises sensitive customer data for clients including HSBC and BT; has offices in America, France and Poland and has raised £118m from investors including Accel and Warburg Pincus
Rockley Photonics Integrated optics platform Oxford Dec 19 15,800 134 2013
Set up by Bookham Technology founder Andrew Rickman, it has 89 patents protecting its highly-efficient silicon photonics technology; raised more than $165m from investors including Applied Materials
Company Activity HQ location FYESales* £000 Staff Founded
10 Tech Track Ones to Watch companies
Credit: Shell LiveWire, 2016
Tech Track 100 research report 2020
© 2020 Tech Track 100 fasttrack.co.uk
28
Carlton Cummins, left, and Amrit Chandan founded the reusable battery company Aceleron in 2016. Its products can be serviced and upgraded
10 GREEN TECH TO WATCHOur inaugural BGF 10 Green Tech to Watch recognises private British companies that are developing technology to help mitigate or reverse the effects of human activity on the environment based on research supported by BGF – the UK's most active investor in growing businesses.
To be eligible for the 10 Green Tech to Watch table, companies needed to be registered in the UK and privately-owned, have developed their own patented technology, achieved minimum sales of £1m, including grant revenue, and be beyond the start-up stage.
The final judging was conducted by Mike Sibson of BGF and Hamish Stevenson, founder and chief executive of Fast Track.
*Sales and forecast sales have been provided by the companies † Annualised ‡ Financial year end of latest available accounts ** Includes a £10m UK government grant awarded in 2020
Aceleron Reusable battery developer Birmingham Dec 19 †c1,000 £2.9m 10 2016
Claims to make the world’s first serviceable, upgradable and recyclable lithium batteries, with applications including household energy storage. The company was co-founded by chief executive Amrit Chandan and chief technology officer Carlton Cummins, both 31. Sales, including grant revenue, reached c£1m in 2019. This year BGF invested £1.45m and other investors include Mercia Asset Management.
Carbon Clean Solutions Carbon capture technology developer Central London Mar 20 1,508 £24.7m 17 2009
Says its process removes more than 90% of CO2 from industrial emissions, and has raised more than £17m this year – and £25m in total – from investors including America’s Chevron and the Norwegian Equinor Ventures. Co-founded by chief executive Aniruddha Sharma, 33, and chief technology officer Prateek Bumb, 35.
CoGen Waste technology developer Stoke-on-Trent Nov 18 †10,342 n/a 19 2014
Its technology produces renewable energy from waste that would otherwise end up in landfill by partially transforming it into gas. Founded in 2014 by chairman David Pike, 67, and chief executive Ian Brooking, 50. Partners include Lockheed Martin and Balfour Beatty; and investors include Foresight VC and Canada’s Stantec.
EnvoPAP Sustainable materials producer Central London Mar 20 1,933 £0.8m 24 2015
Blends agricultural waste and wild grass fibres to create tree-free office paper and packaging materials, with customers including L'Oréal and Lloyds Bank. Chief executive Kaushal Shah, 28, founded the company in 2015 while he was a student at the University of Southampton, and retains a majority stake. Investors include Founders Factory.
Highview Power Energy storage technology developer Central London Dec 19 **£10,000+ c£74m 40 2002
Stores spare energy by cooling and liquefying air to -196˚C, releasing it to drive turbines and generate clean electricity. Led by chief executive Javier Cavada, 44, the company raised £35m in February from Japanese manufacturing giant Sumitomo, and in June received a £10m UK government grant.
i2O Water Smart water networks Southampton Dec 18 3,124 £31m+ 52 2005
More than 100 utility companies across 47 countries use its technology to monitor and control water supplies: customers include Anglian Water and the city of Cape Town. Led by chief executive Joel Hagan, 51, it has raised more than £31m from investors, including UK environmental tech investor Ombu
Iceotope Liquid cooling technology Sheffield Dec 19 2,007 £14m 42 2012
Its liquid cooling system reduces the need for fans in power-intensive data centres, cutting energy costs. Raised £6m in February last year from investors including UK environmental tech investor Ombu and French venture capital firm Aster. The company is led by chief executive David Craig, 56.
Monodraught Sustainable ventilation specialist High Wycombe Dec 19 11,300 £2.7m 82 1974
Waitrose, Ford, and IKEA use its ultra low-energy ventilation, lighting and cooling systems, which it says has saved 400,000 tonnes of CO2 over the past two decades. It is led by managing director Andrew McCubbin, 51. The company has raised £2.7m in funding to date, including from BGF.
OXIS Energy Lithium-sulphur battery manufacturer Oxfordshire Dec 19 2,288 £49m 80 2005
Developing lithium-sulphur batteries, which it says pack in 5x more energy than lithium-ion batteries. Run by chief executive Huw Hampson-Jones, 65, it has raised £49m from investors including Brazilian private equity firm Aerotec and South Africa’s Sasol, and is building a factory in Brazil opening in 2023.
Whitefox Technologies Industrial membrane solution developer Central London Dec 19 5,687 £8.9m 29 2000
Its filtering technology is used in countries ranging from Germany to Guyana to efficiently remove excess water from biofuel production. Founded in 2000 by chief technology officer Stephen Blum, 59, it has been led by chief executive Gillian Harrison, 46, since 2009. It is backed by private investors.
Founded
10 Green Tech to Watch companies
Company Green activity HQ location FYESales* £000
Funds raised Staff
© 2020 Tech Track 100 fasttrack.co.uk
Tech Track 100 research report 2020 29
METHODOLOGY
Definition of a technology company
The Tech Track 100 adopts the amended London Stock Exchange’s (LSE) techMARK definition of a technology company as one that shows a ‘commitment to innovation, research and product development’ and operates in sectors including software, internet, telecoms and biotech.
Companies providing media and telecoms goods or services are also assessed.
Qualification criteria
Companies were ranked by growth in sales over their latest three years of available accounts, predominantly between 2016 and 2019, or 2017 and 2020.
Qualification criteria also included:
• Independent technology, telecoms or media company
• Registered in the UK, unquoted and not a subsidiary
• Sales of at least £250,000 in the base year (2016 or 2017)
• Sales of at least £5m in the latest year (2019 or 2020)
• Trading weeks in the base and latest years have to exceed 25
• Sales for online platforms (including energy, tickets, gaming, consumer goods and services) are net of the cost of goods and services sold; media agencies’ sales are net of advertising spend on behalf of clients; and we do not accept gross written premiums for insurance companies’ sales
• IT consultancies and IT services companies are required to generate a significant proportion of their sales from proprietary technologies
• Excluded companies include payday lenders, computer resellers and companies that are equal joint ventures, or majority-owned by quoted or other companies.
Research approach
The research was conducted by the Fast Track research team, predominantly between April and August 2020. Companies were selected from a database of around 2m private companies in the UK followed by extensive desk, telephone interviews and company meetings or video calls.
Tech Track 100 research report 2020
© 2020 Tech Track 100 fasttrack.co.uk
30
MEDIA PARTNER & PARTNERS
Media partner
The Sunday Times has been Fast Track's media partner for 23 years.
It is Britain’s No 1 newspaper for business, and the leading broadsheet newspaper attracting over two million readers every week. Almost half (46%) of senior business decision-makers read The Sunday Times, a greater market share than any other publication, according to the latest 2018 Ipsos survey.
Oliver ShahBusiness editor
Title sponsor
Sage is title sponsor for the first year.
Sage is the global market leader for technology that provides small and medium businesses with the visibility, flexibility and efficiency to manage finances, operations and people. With our partners, Sage is trusted by millions of customers worldwide to deliver the best cloud technology and support. Our years of experience mean that our colleagues and partners understand how to serve our customers and communities through the good, and more challenging times. We are here to help, with practical advice, solutions, expertise and insight.
Paul StruthersManaging director, UK and Ireland
thesundaytimes.co.uk@ST_Business
Fast Track would particularly like to thank Sage for their first year of title sponsorship; Barclays for their sponsorship for a 13th year; BDO for their sponsorship for the seventh year (previously sponsoring between 2008 and 2011); BGF for their seventh year of sponsorship, N+1 Singer for their fourth year of sponsorship.
We would also like to thank The Sunday Times for their continued support of the Tech Track 100 league table in its 20th year, and for Fast Track over 23 years.
Neither Fast Track, our sponsors or media partner endorse, guarantee or recommend investment in any of the companies.
sage.com@SageUK
© 2020 Tech Track 100 fasttrack.co.uk
Tech Track 100 research report 2020 31
Tony SpillettNational Head of Technology & Media
Tim CockroftFounder & chief executive
Sean DuffyHead of Technology, Media & Telecoms
Stephen WeltonExecutive chairman
Barclays is a main sponsor for a thirteenth year.
Barclays is a British universal bank. We are diversified by business, by different types of customers and clients, and by geography. Our businesses include consumer banking and payments operations around the world, as well as a top-tier, full service, global corporate and investment bank, all of which are supported by our service company which provides technology, operations and functional services across the Group.
BGF is a main sponsor for a seventh year.
BGF was set up in 2011 and has invested more than £2.2bn in over 330 companies, making it the most active investor in the UK. BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs. BGF invests in growing businesses in the UK and Ireland through its network of 16 offices.
barclayscorporate.com @BarclaysCorp
bgf.co.uk@BGFinvestments
BDO is a main sponsor for a seventh year, having previously sponsored for four years.
BDO is a leading globally focussed business advisory firm known for helping people and businesses succeed. Our technology & media team provides advice and support to high growth technology companies throughout their business lifecycle from start-up, through to fund-raising, international expansion, M&A activities and exit. Our specialists enjoy working together in a dynamic and evolving sector, with the knowledge and experience to develop solutions for local market issues, as well as advising on strategic international matters.
N+1 Singer is a main sponsor for a fourth year.
N+1 Singer is a leading independent investment bank, dedicated to advising and funding ambitious UK growth companies. The firm has banking professionals with long-term experience serving companies throughout their life cycles – from early stage, growth companies to established multinational corporates. In the last two years, N+1 Singer has raised more than £2 billion for clients in private and public capital markets.
N+1 Singer has supported a number of companies on the Tech Track 100 league table over the years, including the IPO and Acquisition of FreeAgent, and the IPO of essensys plc in 2019.
bdo.co.uk/plugdin@BDO_plugdin
n1singer.com@nplus1singer
Main sponsors
Tech Track 100 research report 2020
© 2020 Tech Track 100 fasttrack.co.uk
32
Amelia Griffiths is responsible for managing the Tech Track 100 research.
She was previously executive director at advisory firm Orbit Partners, working with high-growth companies, PE and VC firms. She has a degree in mathematics and philosophy from University of Bristol, and in business from University of Bath.
ABOUT FAST TRACK
Compiler & publisher
The authors
Richard Tyler leads Fast Track’s editorial, working closely with sponsors and companies within our network.
He was the enterprise editor of The Daily and Sunday Telegraph for nine years, covering private companies and government policy towards business. He trained in journalism at Euromoney, part of The Daily Mail & General Trust, after completing his degree at Manchester University.
Research support was also provided by Fast Track researchers Ying Chen, Joe Kempton, Lindsay Uppadine, Malcolm Gilmour, Jonathan Sinclair, Edward Parsons and Helena Martin; and freelancers Ashley Cavers, Claire Harrington, Laura Parker, Will Laws and Jessica Johnson.
Hamish Stevenson owns and runs Fast Track, which he founded in 1997 after securing The Sunday Times as media partner and cornerstone and ongoing support from Sir Richard Branson and Virgin. He works closely with leading entrepreneurs in the Fast Track alumni network, media partners and sponsors.
He has held an associate fellowship since 1997 at Green Templeton College, Oxford University; where he completed his masters and doctorate in management studies, and subsequently set up and held the Virgin research fellowship in entrepreneurship. He also studied for a degree in politics as a Morehead-Cain scholar from the University of North Carolina, Chapel Hill.
© 2020 Tech Track 100 fasttrack.co.uk
Tech Track 100 research report 2020 33
Fast TrackTech Track 100 is compiled by Fast Track, the UK's leading research and networking events company, which ranks top-performing private companies and entrepreneurs.
Fast Track has compiled league tables on private companies in partnership with The Sunday Times for the last 23 years. It publishes six other annual league table awards programmes:
SME Export Track 100 ranks Britain's SMEs with the fastest-growing international sales (total sales between £5m and £25m)
Fast Track 100 ranks Britain’s private companies with the fastest-growing sales (excluding tech companies)
International Track 200 ranks Britain's mid-market private companies with the fastest-growing international sales (total sales greater than £25m)
Profit Track 100 ranks Britain's private companies with the fastest-growing profits
Top Track 250 ranks Britain’s leading mid-market private companies with the biggest sales (the next tier below the top 100, and minimum 5% growth in sales or profits)
Top Track 100 ranks Britain’s private companies with the biggest sales (£750m to £25bn)
Fast Track is based in Oxford with 26 staff, and a network of 10 freelance researchers.
CONTACT DETAILS
Fast Track Angel Court 81 St Clements Street Oxford OX4 1AW
Tel: 01865 297100
Email: info@fasttrack.co.uk
Web: fasttrack.co.uk
Please follow our social media for news on our alumni companies, research and events:
The Sunday Times Fast Track
@ST_FastTrack
@thesundaytimesfasttrack
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